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The following table provides the City's Summary of Net Position:
<br />Table 1
<br />Summary of Net Position
<br />as of December 31, 2023 and 2022
<br />Governmental
<br />Business -Type
<br />Activities
<br />Activities
<br />Total
<br />2023
<br />2022
<br />2023
<br />2022
<br />2023
<br />2022
<br />Assets
<br />Current and other assets
<br />$ 16,187,151
<br />$ 17,097,598
<br />$ 7,147,691
<br />$ 5,696,668
<br />$ 23,334,842
<br />$ 22,794,266
<br />Capital assets
<br />28,274,898
<br />28,400,370
<br />20,526,445
<br />20,840,566
<br />48,801,343
<br />49,240,936
<br />Total assets
<br />$ 44,462,049
<br />$ 45,497,968
<br />$ 27,674,136
<br />$ 26,537,234
<br />$ 72,136,185
<br />$ 72,035,202
<br />Deferred outflows
<br />of resources
<br />$ 260,510
<br />$ 320,433
<br />$ 199,510
<br />$ 245,804
<br />$ 460,020
<br />$ 566,237
<br />Liabilities
<br />Other liabilities
<br />$ 1,620,818
<br />$ 3,155,831
<br />$ 376,534
<br />$ 356,573
<br />$ 1,997,352
<br />$ 3,512,404
<br />Long-term liabilities
<br />outstanding
<br />903,488
<br />1,142,549
<br />2,314,462
<br />2,758,202
<br />3,217,950
<br />3,900,751
<br />Total liabilities
<br />$ 2,524,306
<br />$ 4,298,380
<br />$ 2,690,996
<br />$ 3,114,775
<br />$ 5,215,302
<br />$ 7,413,155
<br />Deferred inflows
<br />of resources
<br />$ 1,348,321
<br />$ 1,536,301
<br />$ 216,027
<br />$ 27,617
<br />$ 1,564,348
<br />$ 1,563,918
<br />Net position
<br />Net investment in
<br />capital assets
<br />$ 28,247,394
<br />$ 28,318,503
<br />$ 18,887,277
<br />$ 18,960,842
<br />$ 47,134,671
<br />$ 47,279,345
<br />Restricted
<br />2,103,290
<br />1,641,206
<br />—
<br />—
<br />2,103,290
<br />1,641,206
<br />Unrestricted
<br />10,499,248
<br />10,024,011
<br />6,079,346
<br />4,679,804
<br />16,578,594
<br />14,703,815
<br />Total net position
<br />$ 40 849,932
<br />$ 39,983,720
<br />$ 24,966,623
<br />$ 23,640,646
<br />$ 65,816,555
<br />$ 63,624,366
<br />Restricted net position of $2,103,290 comprises 3.2 percent of net position at the close of the fiscal year
<br />ended December 31, 2023. These resources are subject to external restrictions on how they may be used.
<br />The balance of unrestricted net position, $16,578,594, or approximately 25.2 percent, may be used to
<br />meet the City's ongoing obligations to citizens and creditors. Certain balances within unrestricted net
<br />position may have internally imposed commitments or limitations, which may further limit the purpose
<br />for which such net position may be used.
<br />At the end of the current fiscal year, the City is able to report positive balances in all three categories of
<br />net position, both for the government as a whole, as well as for its separate governmental and
<br />business -type activities. The same situation held true for the prior fiscal year.
<br />Both governmental activities and business -type activities experienced changes in deferred outflows of
<br />resources, deferred inflows of resources, and long-term liabilities as a result of the City's participation in
<br />a state-wide defined benefit pension plan. Positive operating results in the City's utility operations also
<br />increased current and other assets in the current year. Other liabilities were down compared to the prior
<br />year, primarily due to less ongoing construction in the current year and a reduction in both
<br />contract -related payables and escrow deposits.
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